Novavax Announces Pricing of $18 Million Financing of Common Stock and Warrants

... ROCKVILLE Md. July 29 /- Novavax Inc.(N...The Company intends to use the net proceeds of the offering forpre-cl...This press release does not constitute an offer to sell or thesolicit...This offering is bei...

ROCKVILLE, Md., July 29 /PRNewswire-FirstCall/ -- Novavax, Inc.
(Nasdaq: NVAX) today announced the pricing of a registered direct equity
financing of $18 million by issuing common stock and warrants from its
existing shelf registration. The Company has entered into subscription
agreements with certain current, new institutional shareholders and
affiliates of the Company to sell 6,686,650 units which are comprised of
one share of common stock and a warrant to purchase 0.5 shares of common
stock at a price of $2.68 per unit (or $2.8425 per unit for units sold to
affiliates of the Company). The warrants, which represent the right to
acquire 3,343,325 shares of common stock will be exercisable at a price of
$3.62 per share and have a five year term. The Company conducted the
financing without the services of a placement agent or underwriter. Net
proceeds of the transaction (after expenses of the offering) to the Company
are expected to be $17.6 million. The offering is expected to close on July
31, 2008, subject to customary closing conditions.

The Company intends to use the net proceeds of the offering for
pre-clinical and clinical studies for its VLP-based vaccines, internal
research and development programs, working capital, capital expenditures
and other general corporate purposes.

This press release does not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of securities
in any state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction. The offering may be made
only means of a prospectus supplement and the accompanying prospectuses.

This offering is being made pursuant to an existing effective shelf
registration statement and is being made directly by the Company. A
prospectus supplement and the accompanying base prospectuses will be filed
with the Securities and Exchange Commission and will be available on the
SEC's website at http://www.sec.gov.

About Novavax

Novavax, Inc. is a clinical-stage biotechnology company creating novel
vaccines to address a broad range of infectious diseases worldwide using
advanced proprietary virus-like particle (VLP) technology. The Company
creates VLPs by genetically engineering three-dimensional, nanostructures,
which incorporate immunologically important lipids and recombinant
proteins. Novavax' VLPs resemble a virus by lack the genetic material that
would cause infection. Using the Company's proprietary VLP technologies,
Novavax is developing vaccines to protect against H5N1 pandemic influenza,
seasonal flu and other viral diseases. The Company also utilizes a unique
portable manufacturing system that allows for rapid production of vaccines
requiring less infrastructure and represents a potential simpler and more
efficient approach to vaccine production. Additional information about
Novavax is available at http://www.novavax.com and in the Company's various
filings with the Securities and Exchange Commission.

Forward Looking Statements

Statements herein relating to future financial or business performance,
conditions or strategies and other financial and business matters,
including expectations regarding revenues, operating expenses, cash burn,
and clinical developments and anticipated milestones are forward-looking
statements within the meaning of the Private Securities Litigation Reform
Act. Novavax cautions that these forward-looking statements are subject to
numerous assumptions, risks and uncertainties, which change over time.
Factors that may cause actual results to differ materially from the results
discussed in the forward-looking statements or historical experience
include risks and uncertainties, including the Company's ability to
progress any product candidates in preclinical or clinical trials; the
scope, rate and progress of its preclinical studies and clinical trials and
other research and development activities; the results of clinical trials;
even if the data from preclinical studies or clinical trials is positive,
the product may not prove to be safe and efficacious; Novavax's pilot plant
facility is subject to extensive validation and FDA inspections, which may
result in delays and increased costs; the effect or outcome of the
Company's decision to sell Estrasorb(R); the human capital and other costs
Novavax will incur to exit the manufacturing facility; our ability to enter
into future collaborations with industry partners and the terms, timing and
success of any such collaboration; the cost of filing, prosecuting,
defending and enforcing any patent claims and other intellectual property
rights; our ability to obtain rights to technology; competition for
clinical resources and patient enrollment from drug candidates in
development by other companies with greater resources and visibility; our
ability to obtain adequate financing in the future through product
licensing, co-promotional arrangements, public or private equity or debt
financing or otherwise; general business conditions; competition; business
abilities and judgment of personnel; and the availability of qualified
personnel. Further information on the factors and risks that could affect
Novavax's business, financial conditions and results of operations, is
contained in Novavax's filings with the U.S. Securities and Exchange
Commission, which are available at http://www.sec.gov. These forward-looking
statements speak only as of the date of this press release, and Novavax
assumes no duty to update forward-looking statements.

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